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5 Problems Even Middle Income Millennials Are Facing

5 Problems Even Middle Income Millennials Are Facing

Who is the millennial? The world knows the millennials as being those young kids aged 20-30, who are now in college or trying to build their post-college lives. And the major feature that defines millennials is the fact they are broke! Like really broke, because they are drowning in student debt and unemployment.

However, there are a bunch of lucky millennials who did manage to stay on top of their finances and are now proud to be cast as middle income persons. They are the people the rest of the millennials are looking at with envy on social media, thinking how lucky they are. But are they really lucky?

1. Healthcare is still a major luxury

The Affordable Care Act was created to make healthcare affordable for everyone, but it ended up to be a huge fail. For millennials who earn more than the typical broke millennial, healthcare is one of the biggest luxuries out there.

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When you have a middle class income you don’t qualify for government subsidies, but you can’t afford to pay for healthcare either. This comes with a lot of other big problems, so there is no wonder many middle income millennials choose to pay the annual fine and take up the risk of not having any healthcare plan.

2. Kids? You can’t afford them!

When you are stuck between living an eternal financial adolescence and earning enough to afford your own place, kids are a delicate subject. The first requirement for having kids is to have a family, then, to afford the child.

Though only a few people would actually acknowledge it, a newborn costs pretty much, with the expenses growing as the child grows. Add the costs of the pregnancy and delivery, as well as general healthcare for the mother and the baby – and take a look at the previous point when it comes to healthcare – and then consider the unpaid maternity leave.

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All these requirements can’t be met, not even by middle-income millennials. As a result, they are the generation whose choice of having kids is not theirs to take.

3. Owning your own place is (still) impossible

If you do have a job and an income, one would believe you can buy your own house. Well, bad news: middle-income is not enough to buy a house. Or rent one, for a matter of fact.

The reality is that cities with a low cost of living are overwhelmed by people, which increases the cost of living. Moreover, where the good jobs are is where the highest rents can be found.

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Another problem which makes moving out from parents impossible is the way real estate developers are working. They are usually building low income houses in places where there are very low paying jobs or building luxury homes with million dollars price tags. There is no middle ground for your middle income, so you are left with no choices.

4. College can’t be avoided

There were times when students were leaving college with a degree in their hand and endless career opportunities. But those are long gone. Nowadays, college is just a formality. Having a degree means nothing, but not having it is even worse, because you won’t be able to apply for a decent job without it.

If our parents were able to pay their college tuition by working a summer job, now we have to pay the huge student debt from what we earn. This significantly diminishes a middle-income, impairing the person and preventing him or her from establishing a family and moving on.

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5. Retirement is a distant dream

The 9 to 5 job is now more of a 24/7 job, with small pauses, but the real problem seems to be the lack of retirement time. Regardless how much you earn, you will have to work an entire week well into your 60s, in order to pay for your debts, rent and make a living. Depending on what happens in your life, you might find yourself working after the retirement age.

With all these problems, there is no wonder most millennials choose to have a pet over a kid and still live with their parents instead of renting a cosmopolitan loft.

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Last Updated on January 21, 2020

The Best Way to Create a Vision for the Life You Want

The Best Way to Create a Vision for the Life You Want

Creating a vision for your life might seem like a frivolous, fantastical waste of time, but it’s not: creating a compelling vision of the life you want is actually one of the most effective strategies for achieving the life of your dreams. Perhaps the best way to look at the concept of a life vision is as a compass to help guide you to take the best actions and make the right choices that help propel you toward your best life.

your vision of where or who you want to be is the greatest asset you have

    Why You Need a Vision

    Experts and life success stories support the idea that with a vision in mind, you are more likely to succeed far beyond what you could otherwise achieve without a clear vision. Think of crafting your life vision as mapping a path to your personal and professional dreams. Life satisfaction and personal happiness are within reach. The harsh reality is that if you don’t develop your own vision, you’ll allow other people and circumstances to direct the course of your life.

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    How to Create Your Life Vision

    Don’t expect a clear and well-defined vision overnight—envisioning your life and determining the course you will follow requires time, and reflection. You need to cultivate vision and perspective, and you also need to apply logic and planning for the practical application of your vision. Your best vision blossoms from your dreams, hopes, and aspirations. It will resonate with your values and ideals, and will generate energy and enthusiasm to help strengthen your commitment to explore the possibilities of your life.

    What Do You Want?

    The question sounds deceptively simple, but it’s often the most difficult to answer. Allowing yourself to explore your deepest desires can be very frightening. You may also not think you have the time to consider something as fanciful as what you want out of life, but it’s important to remind yourself that a life of fulfillment does not usually happen by chance, but by design.

    It’s helpful to ask some thought-provoking questions to help you discover the possibilities of what you want out of life. Consider every aspect of your life, personal and professional, tangible and intangible. Contemplate all the important areas, family and friends, career and success, health and quality of life, spiritual connection and personal growth, and don’t forget about fun and enjoyment.

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    Some tips to guide you:

    • Remember to ask why you want certain things
    • Think about what you want, not on what you don’t want.
    • Give yourself permission to dream.
    • Be creative. Consider ideas that you never thought possible.
    • Focus on your wishes, not what others expect of you.

    Some questions to start your exploration:

    • What really matters to you in life? Not what should matter, what does matter.
    • What would you like to have more of in your life?
    • Set aside money for a moment; what do you want in your career?
    • What are your secret passions and dreams?
    • What would bring more joy and happiness into your life?
    • What do you want your relationships to be like?
    • What qualities would you like to develop?
    • What are your values? What issues do you care about?
    • What are your talents? What’s special about you?
    • What would you most like to accomplish?
    • What would legacy would you like to leave behind?

    It may be helpful to write your thoughts down in a journal or creative vision board if you’re the creative type. Add your own questions, and ask others what they want out of life. Relax and make this exercise fun. You may want to set your answers aside for a while and come back to them later to see if any have changed or if you have anything to add.

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    What Would Your Best Life Look Like?

    Describe your ideal life in detail. Allow yourself to dream and imagine, and create a vivid picture. If you can’t visualize a picture, focus on how your best life would feel. If you find it difficult to envision your life 20 or 30 years from now, start with five years—even a few years into the future will give you a place to start. What you see may surprise you. Set aside preconceived notions. This is your chance to dream and fantasize.

    A few prompts to get you started:

    • What will you have accomplished already?
    • How will you feel about yourself?
    • What kind of people are in your life? How do you feel about them?
    • What does your ideal day look like?
    • Where are you? Where do you live? Think specifics, what city, state, or country, type of community, house or an apartment, style and atmosphere.
    • What would you be doing?
    • Are you with another person, a group of people, or are you by yourself?
    • How are you dressed?
    • What’s your state of mind? Happy or sad? Contented or frustrated?
    • What does your physical body look like? How do you feel about that?
    • Does your best life make you smile and make your heart sing? If it doesn’t, dig deeper, dream bigger.

    It’s important to focus on the result, or at least a way-point in your life. Don’t think about the process for getting there yet—that’s the next stepGive yourself permission to revisit this vision every day, even if only for a few minutes. Keep your vision alive and in the front of your mind.

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    Plan Backwards

    It may sound counter-intuitive to plan backwards rather than forwards, but when you’re planning your life from the end result, it’s often more useful to consider the last step and work your way back to the first. This is actually a valuable and practical strategy for making your vision a reality.

    • What’s the last thing that would’ve had to happen to achieve your best life?
    • What’s the most important choice you would’ve had to make?
    • What would you have needed to learn along the way?
    • What important actions would you have had to take?
    • What beliefs would you have needed to change?
    • What habits or behaviors would you have had to cultivate?
    • What type of support would you have had to enlist?
    • How long will it have taken you to realize your best life?
    • What steps or milestones would you have needed to reach along the way?

    Now it’s time to think about your first step, and the next step after that. Ponder the gap between where you are now and where you want to be in the future. It may seem impossible, but it’s quite achievable if you take it step-by-step.

    It’s important to revisit this vision from time to time. Don’t be surprised if your answers to the questions, your technicolor vision, and the resulting plans change. That can actually be a very good thing; as you change in unforeseeable ways, the best life you envision will change as well. For now, it’s important to use the process, create your vision, and take the first step towards making that vision a reality.

    Featured photo credit: Matt Noble via unsplash.com

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